The outbreak of military conflict in the Middle East has changed market dynamics – favoring safety and stability over global diversification. With energy independence back in the spotlight, we believe the U.S. economy is generally better positioned to weather the storm and uncertainty around energy markets. At least in the near-term, this shifts the dynamic back towards a “no alternative to U.S. markets” environment.
We've updated our outlook portfolio positioning to align with current events. Those updates can be read in the pdf above and our previous views can be found in Positioning for 2026.
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